In property there are top-down people and bottom-up people. The top-down people seem to believe that it is the wealthy who drive the property market.
 
On the other hand, the bottom-up people think that first time buyers drive the market. They think market entrants kick-start the chain of events that gives momentum to the market as a whole.

But whatever one believes there is little doubt that from top to bottom most of the action in the market right now is being propelled by need rather than ambition. With fewer aspirational buyers around, all UK regions saw a slowing in price growth in the first quarter of 2023, with most seeing small year-on-year falls - according to Nationwide......